3 ms·

Fair markets are free markets. Markets that are distorted by failures are not free.

• ddingus 5y ago
  I cannot agree at all. Free markets are distinctive in that the economic freedom of all participants is maximized, regulation is minimized. These markets, by definition are not fair due to inevitable outcomes where a few winners essentially rule and can exploit their favorable position in ways that prevent competition. The single most valuable idea in markets is the idea of competition. Where it is robust and meaningful, a solid case can be made for buyers getting very high value for the dollar. Having that condition be true means reducing economic freedom to a degree so competition cannot be avoided. The idea of a free market runs in conflict with it being fair, and even more importantly, a market that serves us, not us being enslaved and exploited by it. Insuring robust competition requires regulation and increasing regulation as well as reducing economic freedom mean fair markets are simply not free ones. In addition to that, the idea of governing being markets is not universally applicable. Government, and the Civic needs of the population are not the same as business, and running everything the same as business, actually does more harm than good in the areas of our society that are not appropriate for markets.